Norway’s Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia.

The transaction marks Equinor’s entry into Namibia and provides the company with access to a drill-ready prospect scheduled for testing in 2026.

“This transaction aligns with our strategy to strengthen and replenish our international portfolio through focused and disciplined growth. Namibia is a promising basin that adds attractive option value to our portfolio and complements our broader Atlantic Margin position,” said Philippe Mathieu, Equinor’s executive vice president for Exploration & Production International.

PEL 90 covers Block 2813B in the Orange Basin and is operated by Chevron.

Orange Basin, Namibia (Source: Equinor website)

Prior to the transaction, Chevron’s subsidiary held a 52.5% interest in the license, while QatarEnergy held 27.5%, Trago Energy 10%, and Namibia’s state-owned oil company (NAMCOR) 10%.

The transaction remains subject to regulatory approvals and the completion of customary closing processes.